[Chugalug] OT:Bitcoin taking hits in press

William Wade willm.wade at gmail.com
Mon Apr 15 02:04:58 UTC 2013


I wonder how much power and environmental resources it takes to do money
the old fashioned way. The power it takes to create a bitcoin is part of
what gives it value and stability.

I think Adam Smith would be intrigued by bitcoin, but like everyone else
will not really know what to make of it until more time passes.


On Sun, Apr 14, 2013 at 9:31 PM, Rod-Lists <rod-lists at epbfi.com> wrote:

> From Slashdot
> Is Bitcoin Mining a Real-World Environmental Problem?
> "Mark Gimein points out that Bitcoing mining uses a lot of power, enough
> that it is a real world problem: 'About 982 megawatt hours a day, to be
> exact. That’s enough to power roughly 31,000 US homes, or about half a
> Large Hadron Collider."
>
> http://news.slashdot.org/story/13/04/14/2234251/is-bitcoin-mining-a-real-world-environmental-problem
>
> Krugman argues "Adam Smith Hates Bitcoin"
> http://krugman.blogs.nytimes.com/2013/04/12/adam-smith-hates-bitcoin/
>
> Krugman and others have argued that Bitcoin is experiencing deflation in
> relation to other currencies.
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